Fraud Detection and Prevention Market to Generate Revenue Worth $47,903.1 Million by 2024
- Published: December 2019
The global fraud detection and prevention market was valued at $20,614.4 million in 2018, and is projected to advance at a CAGR of 15.1% during the forecast period (2019–2024). On the basis of application, the payment frauds category held the largest share in the market in 2018, and it is further expected to continue holding the largest share during the forecast period. This can be attributed to the increased volume of electronic payments across the globe, which has led to an increase in fraudulent activities in the payment area.
Usage of blockchains in supply chain management to provide opportunities to market players
Supply chain management is a complex process for an organization, with the involvement of numerous personnel, parts, and loopholes, where frauds can go undetected. To mitigate the rising fraudulent activities, organizations would showcase interest in blockchain technology, which would enable them to reduce risks via improved transparency and greater traceability. Blockchains are difficult to crack and manipulate, and can only be updated through an agreement among network participants. If a product is digitized on blockchain, it can also be traced back to the origin, since its information is recorded on a distributed and shared ledger.
Segmentation Analysis of Fraud Detection and Prevention Market
- Based on deployment type, cloud-based deployment of fraud detection and prevention solutions is the prime preference for end users, since this allows them to keep track on operations security in real time and in a relatively convenient manner, as well as store and access vast amounts of data. Furthermore, cloud deployment of these solutions is expected to witness higher demand throughout the forecast period.
- Based on platform, the demand for mobile-based fraud detection and prevention software was higher in the market in 2018. Furthermore, during the forecast period, the fraud detection and prevention market in this category is expected to steer with higher CAGR. Fraudsters are increasing their target to mobile users, owing to the massive smartphone penetration, along with consumer shift to mobile banking and social media usage via a mobile-first approach.
- On the basis of enterprise size, the large enterprises category held larger market share, in 2018. The fraud detection and prevention market in this category is also projected to lead throughout the forecast period. Large organizations are more prone to both internal and external threats, as these firms have complex operational business processes and are more technologically active. Furthermore, large enterprises are increasingly adopting analytics and cloud-based solutions rapidly. Hence, with business complexities and risks, substantial requirement of fraud detection and prevention solutions and services in these organizations is being observed.
- Based on vertical, the retail vertical is projected to display the fastest CAGR of 17.5%, during the said period. This can be attributed to improving economies and growing consumer goods market and e-tailing.
Geographical Analysis of Fraud Detection and Prevention Market
Together, North America and APAC are expected to account for 67.5% share in the fraud detection and prevention market in 2024. Several types of frauds are increasing across the world; therefore, organizations in many countries are adopting fraud detection and prevention solutions to mitigate these frauds. For instance, in Australia, financial service companies are focusing on adoption of advanced capabilities in terms of fraud management, including accuracy, contextualization, and speed of detection. In Indonesia, emergence of varied payment options across different channels is resulting in an increased complexity in fraud management. Additionally, in India, spurring digitalization in recent years has led to an increasing investment in advanced technologies, such as robotics, AI, ML, and biometrics.
Competitive Landscape of Fraud Detection and Prevention Market
The global fraud detection and prevention market has a fragmented structure, with the presence of a number of multinational and regional market players. The top 12 players in the market are IBM Corporation, RELX Group, Experian plc, Fiserv Inc., NICE Systems Ltd., ACI Worldwide Inc., Fidelity Information Services, SAS Institute Inc., SAP SE, Oracle Corporation, FICO, and BAE Systems plc. Among key players in the market, there are several software developing companies, including IBM Corporation, SAS Institute Inc., and Oracle Corporation.
Browse report overview with detailed TOC on "Fraud Detection and Prevention Market Research Report: By Offering (Software, Service), Deployment Type (On-Premises, Cloud-Based), Enterprise Size (Large Enterprises, SMEs), Vertical (BFSI, Retail, IT & Telecom, Government/Public Sector, Healthcare, Manufacturing), Application (Identity Theft, Payment Frauds, Money Laundering), Threat Type (Account Takeover and Scanning, Digital Ad Frauds, Content Integrity Scamming, Wire and Automated Clearing House (ACH) Frauds and Card Cracking, Price Scraping, New Account Frauds, Phone Call Frauds, Acquirer and Merchant Frauds) - Industry Opportunity Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/fraud-detection-and-prevention-market
The fraud detection and prevention market is witnessing a perpetual change in technological landscape with the rise in innovations and introduction to new fraud types. This is further leading to the accelerating rate of new entrants in the market. Moreover, several strategic alliances among market players would also considerably diversify the market share.
Fraud Detection and Prevention Market Segmentation
Market Segmentation by Offering
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Software
- Fraud analytics
- Authentication
- Governance, risk, and compliance (GRC)
-
Service
- Professional
- Managed
Market Segmentation by Type
- Internal
- External
Market Segmentation by Deployment Type
- On-Premises
- Cloud-Based
Market Segmentation by Platform
- Web-Based
- Mobile-Based
Market Segmentation by Enterprise Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Market Segmentation by Vertical
- Banking, Financial Services, & Insurance (BFSI)
- Retail
- IT & Telecom
- Government/Public Sector
- Healthcare
- Manufacturing
- Others (Energy & Utilities, Real Estate, Travel & Transportation, Media & Entertainment, and Life Sciences)
Market Segmentation by Application
- Identity Theft
- Payment Frauds
- Money Laundering
- Others (Banking Transactions and Fund Transfers)
Market Segmentation by Threat Type
- Account Takeover and Scanning
- Digital Ad Frauds
- Content Integrity Scamming
- Wire and Automated Clearing House (ACH) Frauds and Card Cracking
- Price Scraping
- New Account Frauds
- Phone Call Frauds
- Acquirer and Merchant Frauds
- Others (Application Program Interface [API] Abuse and App Denial of Service)
Market Segmentation by Geography
-
North America Fraud Detection and Prevention Market
- By offering
- By type
- By deployment type
- By platform
- By enterprise size
- By vertical
- By application
- By threat type
- By country – U.S. and Canada
-
Europe Fraud Detection and Prevention Market
- By offering
- By type
- By deployment type
- By platform
- By enterprise size
- By vertical
- By application
- By threat type
- By country – U.K., Germany, France, Spain, Russia, Sweden, Italy, Netherlands, and Rest of Europe
-
Asia-Pacific (APAC) Fraud Detection and Prevention Market
- By offering
- By type
- By deployment type
- By platform
- By enterprise size
- By vertical
- By application
- By threat type
- By country – China, India, Japan, South Korea, Singapore, Indonesia, and Rest of APAC
-
Latin America (LATAM) Fraud Detection and Prevention Market
- By offering
- By type
- By deployment type
- By platform
- By enterprise size
- By vertical
- By application
- By threat type
- By country – Mexico, Brazil, Argentina, Chile, Colombia, and Rest of LATAM
-
Middle East & Africa (MEA) Fraud Detection and Prevention Market
- By offering
- By type
- By deployment type
- By platform
- By enterprise size
- By vertical
- By application
- By threat type
- By country – U.A.E., Saudi Arabia, South Africa, Egypt, Turkey, and Rest of MEA